Life Sciences Trends 2023: Unveiling the Key Insights – Do the Experts Agree?

What are the key trends in life sciences for 2023? And why is this important? Initially, the first question might seem an easy enough question to answer, only a quick google search away, until you question whether the experts agree, and you might be surprised by the results...

To answer the second question, trends are important to pharmaceuticals and biotechnology companies because it relates to a shift in expectation and benchmarking for potential investors, partners or buyers.

Artificial Intelligence (AI): A Consensus with Diverse Use Cases 

Out of the ten industry experts reviewed, eight agreed artificial intelligence (AI) is trending, but the use cases driving the recommendation vary considerably. Some examples include the enhancement of drug discovery efforts by reducing screening time, improving drug manufacturing processes, particularly in relation to quality, and to speed diagnosis, specifically in oncology. While the majority of experts agree that AI is a 2023 top trend, there is still much work needed to be done to assess which use cases will have the biggest impact in your organization.

Cloud Computing for Pharma: A Milestone on the Horizon 

Half of the experts felt that cloud computing is a top trend. While many organizations may have transitioned to a cloud-based document storage model, many more may still be transitioning throughout 2023. Benefits include process automation and the ability to access data from any location, a requirement for many organizations following the challenges brought on by the pandemic. One area we know is critical for our clients is having a validated electronic Quality Management System, a key building block of the organization which is reviewed by prospective investors and acquisition or licensing partners as part of their due diligence process.

Big Data Analytics and Real World Data (RWD): The Data Revolution

Four out of ten experts agree both big data analytics and Real World Data (RWD) are trending this year. One expert combined the two into a single trend, however the others listed them separately. The amount of clinical trial data needing to be processed has increased exponentially, therefore the requirement for big data analytics is to ensure this data can be appropriately digested and analyzed in a way that produces meaningful insights. RWD on the other hand has been predicted to continue growing at 15.2% CAGR (Compound Annual Growth Rate) to reach $2.9B by 2027, which is part is due to a shift towards value-based pricing and advancements in technology.

Diverse Trends Taking Center Stage 

Finally, we have an eight-way tie between blockchain, supply chain, wearables, cybersecurity, mergers and acquisitions, personalized medicine, value-based pricing and diversity which all received three endorsements as being a top trend.

·      Blockchain: Providing secure transactions and building trust with clinical trial participants.

·      Supply chain: Improvements to the supply chain largely in relation to the improvement of supply visibility, quality and building in resilience.

·      Wearables: Has the potential to improve engagement, provide more data and insights of real-world impact on the patient and to enable the use of digital endpoints.

·      Cybersecurity: Will be paramount to ensuring we can appropriately safeguard participant and clinical trial data.

·      Merges and acquisitions: A continuing trend, specifically for smaller more complex deals.

·      Personalized medicine: A rise in personalized medicine is anticipated considering the advances in AI and big data analytics, together with continued investment in genetic research.

·      Diversity: Recent additions to regulatory guidance are driving changes to actively improve diversity in clinical trials.

Digital Innovations: The Driving Force Behind Top Trends 

Out of the trends we have discussed, seven out of twelve (artificial intelligence, cloud computing, big data analytics, RWD, blockchain, wearables, cybersecurity) are driven directly by digital innovations in Life Sciences. Although, technology is a key enabler for all the others and below we give our reasoning.

·      Diversity: Digital applications enable both decentralized and hybrid clinical trials which help to make the clinical trial more accessible for a broader population.

·      Mergers and acquisitions: Companies with well managed IT infrastructures and who utilize transformative technology will be better placed to leverage more lucrative deals.

·      Personalized medicine: Requires technology that can analyze vast amounts of data.

·      Supply chain: Lack of visibility of the greater supply network is driving digital governance and oversight to prevent bottlenecks by increasing transparency and to monitor quality of their processes.

·      Value-based pricing: Leverages innovative technology which can provide data and insights pertaining to real-world clinical outcomes.

Crafting a Winning Strategy for the Digital Renaissance in Life Sciences 

It is critical pharmaceutical and biotechnology companies are able to monitor the evolving landscape of digital innovations in Life Sciences and that they have a strategy for how they can best utilize and embed technology into their operations and clinical trials. However, it can be challenging to know where they should prioritize their efforts to unlock the most value. Seuss+, a boutique consultancy specializing in life science and organizational development, are supporting biotechnology companies with digital and system landscape assessments in consideration for their pipeline and specific challenges to highlight opportunities for the greatest value gain. We enable our clients to evaluate and implement fit-for-purpose digital technology to ensure clinical trials are effective, engaging and efficient.

Curious about how digital innovation could transform your organization, feel free to message me!